Real Estate Report: Many Virginia-shore singles own homes

The Hampton Roads area of Virginia posts the nation’s highest rate of homeownership among singles, according to a new study by the financial website SmartAsset.

Sixty-four percent of people who live alone in Chesapeake, Virginia, own their home, the highest rate in the nation, according to the study. The second-highest-rate, 57 percent, is found in neighboring Virginia Beach, Virginia.

The next three in the rankings are suburbs: Aurora, near Denver; Chandler, near Phoenix; and Henderson, near Las Vegas.

No Ohio city made the list of 25.

Area home prices rise 8.3% in a year

Central Ohio home prices were up 8.3 percent in March compared with a year earlier, according to a report released Tuesday by CoreLogic.

The mortgage and real-estate service found that home prices nationwide rose 7 percent during the same period.

Several years of rising prices have led CoreLogic to conclude that homes are overvalued in 37 of the nation’s 100 largest metropolitan areas, none in Ohio.

CoreLogic forecasts that prices will rise 5.2 percent during the next 12 months.

Distressed-property sales only 6.3% of total

Foreclosures and other distressed properties accounted for 6.3 percent of central Ohio home sales during the first quarter of the year, the lowest share in a decade, according to Columbus Realtors.

The trade group found that foreclosures, short sales and bank-owned properties made up 5.1 percent of new listings during the quarter; that also was the lowest level in more than a decade.

“The good news is that the number of distressed properties in central Ohio is a fraction of what it was several years ago,” said Columbus Realtors President Sara Walsh. “Conversely, with the lack of inventory, that is one less option available for buyers anxious to find a home.”

Several central Ohio communities reported no distressed sales during the quarter, while in three places, distressed homes accounted for more than 15 percent of sales: Circleville, the Groveport Madison Schools district area and the Washington Court House area.

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